Summary of Officer and Director Compensation for Utah Medical Products, Inc. (2023)
This document outlines the 2023 compensation arrangements for the executive officers and directors of Utah Medical Products, Inc. The Chief Executive Officer and Principal Financial Officer will receive base salaries, 401(k) and Section 125 plan matching contributions, potential management bonuses, health benefits, and travel expense reimbursements. Directors will receive base compensation, additional committee-related payments, and travel expense reimbursements. All compensation is subject to the terms of the company's employment agreement and company policies. Some benefits depend on future events or are provided on the same basis as other employees.
Exhibit 10.5
SUMMARY of OFFICER and DIRECTOR COMPENSATION
The Employment Agreement in Exhibits 7 & 8 of this report is the only written contractual compensation arrangement the Company has with any of its Directors and Executive Officers.
During 2023, the Company’s Chief Executive and Principal Financial Officer (the Company’s “Named Executive Officers”) are scheduled to receive the following compensation from the Company:
Compensation Arrangement |
|
2023 Scheduled Amount |
Base salary |
| $ 156,000 (CEO); $130,000 (PFO) |
401(k) matching contributions |
| 7,920 (maximum) |
Section 125 plan matching contributions (1) |
| 500 (maximum) |
Management bonus |
| will be determined at year-end |
Pet health benefits (1) |
| 500 (maximum) |
Family medical benefits (1) |
| will depend on future events |
Travel expense reimbursement (2) |
| 5,000 (CEO); 500 (PFO) |
|
|
|
During 2023, the Company’s Directors are scheduled to receive the following compensation from the Company:
Compensation Arrangement | Ernst Hoyer | Barbara Payne | James Beeson | Paul Richins |
Base | $ 29,400 | $ 29,400 | $ 29,400 | $29,400 |
Executive Committee | 4,200 | - | - | - |
Audit Committee Chairman | 4,200 | - | - | - |
Travel Expense Reimbursement (2) | 250 | 450 | 400 | 50 |
(1) CEO and PFO participate on the same basis as other eligible employees.
(2) Estimated 2023 travel expenses on behalf of UTMD business. The Company reimburses its employees and directors for authorized business expenses.
